ASIC canceled the Australian Financial Service (AFS) license of Pure Strategy Pty Ltd (Pure Strategy), effective September 16, 2021. This was due to Pure Strategy’s failure to meet its general obligations.
ASIC found that Pure Strategy did not have sufficient resources to conduct a financial services business, did not maintain its jurisdiction to provide financial services under its license, and failed to ensure that its representatives comply with financial services laws. Pure Strategy also failed to meet its condition of license to have a “key personâ€.
Pursuant to the cancellation, Pure Strategy’s license will remain in effect for 12 months for the purposes of maintaining its membership in the Australian Financial Complaints Authority and its obligation to hold professional liability insurance.
Pure Strategy has the right to request a review of the ASIC decision by the Administrative Appeals Tribunal.
Background
Pure Strategy has held an AFS license since 2011 (license number 403524). An external director was appointed at Pure Strategy Pty Ltd in September 2021.